Confluent (NASDAQ:CFLT) Price Target Raised to $27.00

Confluent (NASDAQ:CFLT) had its price target raised by investment analysts at Scotiabank from $25.00 to $27.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s target price suggests a potential upside of 3.41% from the stock’s previous close.

Several other analysts have also recently commented on the company. Wolfe Research upgraded Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Needham & Company LLC increased their price objective on shares of Confluent from $28.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday. DA Davidson restated a “buy” rating and issued a $30.00 target price on shares of Confluent in a report on Wednesday, September 18th. Baird R W upgraded Confluent to a “hold” rating in a report on Wednesday, September 4th. Finally, JMP Securities reissued a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research note on Tuesday. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.28.

Confluent Price Performance

Shares of CFLT traded up $3.04 during mid-day trading on Thursday, reaching $26.11. The company had a trading volume of 10,352,551 shares, compared to its average volume of 4,328,993. The company’s 50 day simple moving average is $20.84 and its 200 day simple moving average is $24.67. The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of -22.07 and a beta of 0.88. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Analysts expect that Confluent will post -0.95 EPS for the current year.

Insiders Place Their Bets

In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the transaction, the director now owns 7,160 shares of the company’s stock, valued at approximately $143,271.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 524,453 shares of company stock valued at $10,833,388 in the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC increased its stake in Confluent by 4.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock valued at $804,000 after acquiring an additional 1,062 shares during the last quarter. Diversified Trust Co purchased a new stake in Confluent in the first quarter worth approximately $639,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Confluent by 1.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock worth $11,174,000 after acquiring an additional 5,362 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Confluent by 129.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 32,617 shares of the company’s stock worth $995,000 after acquiring an additional 18,391 shares during the last quarter. Finally, Smith Group Asset Management LLC bought a new position in shares of Confluent during the 1st quarter valued at $204,000. 78.09% of the stock is currently owned by institutional investors.

About Confluent

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.